Everest Group has announced the launch of Annapurna Re Ltd., the specialty re/insurers first casualty reinsurance sidecar, revealing an expectation of deploying $600 million of third-party capital through the structure, while Stone Point Insurance Solutions is the anchor investor backing the venture.
Now, Annapurna Re Ltd. has been launched in Bermuda as the firm’s first casualty sidecar structure, in partnership with Stone Point.
The entity was initially registered in November 2025 in Bermuda and has now been licensed as a collateralized insurer, we understand.
Annapurna Re is a multi-year vehicle and Everest said the structure is expected to deploy approximately $600 million of third-party capital.
That capital will support Everest’s global casualty and specialty reinsurance portfolios over a three-year underwriting period, the company said.
“Annapurna sharpens our edge in casualty reinsurance and supports our long-term strategy through underwriting excellence and disciplined capital management,” explained Jim Williamson, President and Chief Executive Officer of Everest.
“Through our partnership with Stone Point, we are bringing additional high-quality capital to our platform in a scalable structure, enabling us to grow efficiently while enhancing our capital flexibility and positioning us to pursue the most attractive opportunities.”
Stone Point through its Insurance Solutions business is the anchor investor and funds under its management will deploy capital to support the multi-year vehicle.
Stone Point will also serve as the exclusive investment manager to the assets underpinning the subject casualty reinsurance business that the sidecar assumes.
“Annapurna Re represents the latest example of Stone Point’s long history of investing in the insurance and reinsurance industry,” added Jim Carey, Co-CEO of Stone Point.
“Over many years, we have built a substantial asset management business serving the industry’s capital needs. By combining the complementary capabilities of Everest and Stone Point, with support from strategic investor Mubadala, we believe Annapurna Re is well positioned to create value and deliver attractive outcomes for all stakeholders.”
As we reported earlier this week, Stone Point recently successfully achieved a first close for a new strategy named the Stone Point Insurance Solutions Fund, raising $610.5 million. It’s not known at this time whether any of that capital is destined to support Everest’s new casualty sidecar vehicle.
Everest said that the launch of Annapurna Re as its first casualty sidecar arrangement builds on its established third-party capital capabilities, including its Mt. Logan platform.
Annapurna Re “combines Everest’s underwriting expertise with Stone Point’s experience in insurance-focused investment strategies,” the company further explained.
Find details of numerous reinsurance sidecar investments and transactions in our directory of collateralized reinsurance sidecars transactions.
